Powerwave cuts revenue view; shares drop

NathalieTadena

Powerwave Technologies, Inc.
PWAV
lowered its second-quarter revenue projections and said it is on track to meet the bottom range of its annual revenue guidance.

Shares dropped 7% to $2.58 in recent trading. The stock is up 63% over the past 12 months.

The company, which makes amplifiers used in wireless communications networks, expects second-quarter revenue of $168 million to $172 million. In May, it predicted $170 million to $180 million, a view that was above analyst estimates at the time.

President and Chief Executive Ronald Buschur said the company met "some slowness" in several of its markets, but increased revenue more than 24% from the first quarter.

The company expects to meet the bottom range of its 2011 annual revenue guidance of $650 million to $680 million.

In May, the company reported a narrower loss for its first-quarter, in the absence of prior-year restructuring charges and as sales grew.

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